v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Operating segments are determined based on information used by the CODM in deciding how to evaluate performance and allocate resources. We have five reportable segments consisting of the Mid-Atlantic, Midwest, New York, ERCOT, and all other power regions referred to collectively as “Other Power Regions.”
The basis for our reportable segments is the integrated management of our electricity business that is located in different geographic regions, and largely representative of the footprints of ISO/RTO and/or NERC regions, which utilize multiple supply sources to provide electricity through various distribution channels (wholesale and retail). Our hedging strategies and risk metrics are also aligned to these same geographic regions. Descriptions of each of our five reportable segments are as follows:
•Mid-Atlantic represents operations in the eastern half of PJM, which includes New Jersey, Maryland, Virginia, West Virginia, Delaware, the District of Columbia, and parts of Pennsylvania and North Carolina.
•Midwest represents operations in the western half of PJM and the United States footprint of MISO, excluding MISO’s Southern Region.
•New York represents operations within NYISO.
•ERCOT represents operations within Electric Reliability Council of Texas that covers a majority of the state of Texas.
•Other Power Regions:
•New England represents operations within ISO-NE.
•South represents operations in FRCC, MISO’s Southern Region, and the remaining portions of SERC not included within MISO or PJM.
•West represents operations in WECC, which includes CAISO.
•Canada represents operations across the entire country of Canada and includes AESO, OIESO, and the Canadian portion of MISO.
Constellation's CEO is considered the CODM and evaluates the performance of our electric business activities and allocates resources based on segment RNF, primarily through review of budget-to-actual variance analyses. RNF is Operating revenues net of Purchased power and fuel expenses. We believe this is a useful measurement of operational performance, although it is not a presentation defined under GAAP and may not be comparable to other companies’ presentations or deemed more useful than the GAAP information provided elsewhere in this report. In our evaluation of operating segments, we noted the CODM reviews a variety of performance and profitability measures at a consolidated level with a primary focus on RNF reporting at the regional level. Our operating revenues include all sales to third parties as well as government assistance. Purchased power and fuel expenses are considered the significant segment expense. Purchased power costs include all costs associated with the procurement and supply of electricity including capacity, energy, and ancillary services. Fuel expense includes the fuel costs for our owned generation and fuel costs associated with tolling agreements. The results of our other business activities are not regularly reviewed by the CODM and are therefore not classified as operating segments or included in the regional reportable segment amounts. These activities include wholesale and retail sales of natural gas, energy-related sales in the United Kingdom, as well as sales of other energy-
related products and sustainable solutions that are not significant to our overall results of operations. Further, our unrealized mark-to-market gains and losses on economic hedging activities and our amortization of certain intangible assets and liabilities relating to commodity contracts recorded at fair value from mergers and acquisitions are also excluded from the regional reportable segment amounts. The CODM does not use a measure of total assets in making decisions regarding allocating resources to or assessing the performance of these reportable segments.
The following tables disaggregate the revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The disaggregation of revenues reflects our power sales by geographic region.
The following tables, which relate directly to our Consolidated Statements of Operations and Comprehensive Income, provide the reconciliation of operating revenues, purchased power and fuel expenses, and RNF for our reportable segments for the three and six months ended June 30, 2025 and 2024.
Three Months Ended June 30, 2025
Revenues from contracts with customers
Other revenues(a)
Total Operating revenues
Total Purchased power and fuel expenses
Total RNF
Mid-Atlantic$1,435 $13 $1,448 $(666)$782 
Midwest1,428 96 1,524 (488)1,036 
New York514 21 535 (138)397 
ERCOT328 136 464 (193)271 
Other Power Regions1,030 148 1,178 (997)181 
Total Reportable Segments
4,735 414 5,149 (2,482)2,667 
Other(b)
426 526 952 (650)302 
Total Consolidated Results
$5,161 $940 $6,101 $(3,132)$2,969 
Three Months Ended June 30, 2024
Mid-Atlantic$1,297 $7 $1,304 $(544)$760 
Midwest993 175 1,168 (403)765 
New York463 51 514 (141)373 
ERCOT274 83 357 (143)214 
Other Power Regions1,023 161 1,184 (891)293 
Total Reportable Segments4,050 477 4,527 (2,122)2,405 
Other(b)
356 592 948 (170)778 
Total Consolidated Results$4,406 $1,069 $5,475 $(2,292)$3,183 
Six Months Ended June 30, 2025
Mid-Atlantic$3,041 $72 $3,113 $(1,522)$1,591 
Midwest2,738 190 2,928 (1,042)1,886 
New York1,189 (92)1,097 (299)798 
ERCOT630 232 862 (377)485 
Other Power Regions2,406 328 2,734 (2,359)375 
Total Reportable Segments
10,004 730 10,734 (5,599)5,135 
Other(b)
1,263 892 2,155 (1,917)238 
Total Consolidated Results
$11,267 $1,622 $12,889 $(7,516)$5,373 
Six Months Ended June 30, 2024
Revenues from contracts with customers
Other revenues(a)
Total Operating revenues
Total Purchased power and fuel expenses
Total RNF
Mid-Atlantic$2,652 $(106)$2,546 $(1,111)$1,435 
Midwest1,993 269 2,262 (794)1,468 
New York955 72 1,027 (310)717 
ERCOT511 167 678 (254)424 
Other Power Regions2,458 350 2,808 (2,148)660 
Total Reportable Segments
8,569 752 9,321 (4,617)4,704 
Other(b)
1,094 1,222 2,316 (1,092)1,224 
Total Consolidated Results
$9,663 $1,974 $11,637 $(5,709)$5,928 
__________
(a)Includes revenues from nuclear PTCs as well as derivatives and leases. Intersegment activity in all periods presented is not material.
(b)Represents revenue activities not allocated to a region. See text above for a description of included activities. Revenues from contracts with customers includes natural gas revenues of $304 million and $231 million and other revenues includes unrealized mark-to-market gains of $86 million and $192 million for the three months ended June 30, 2025 and 2024, respectively. Revenues from contracts with customers includes natural gas revenues of $1,015 million and $839 million and other revenues includes unrealized mark-to-market losses of $201 million and gains of $254 million for the six months ended June 30, 2025 and 2024, respectively.